25 Orient Way in Rutherford — Courtesy: Prism Capital Partners
By Joshua Burd
Prism Capital Partners is set to reposition a former bank headquarters in downtown Rutherford after acquiring the 40,000-square-foot building, in a deal arranged by Cushman & Wakefield.
The property, located at 25 Orient Way, was the home of Boiling Springs Savings Bank and provides a location steps from the borough’s train station and its main retail corridor. Brokers with C&W represented Prism in its purchase, while also arranging equity for the acquisition.
Terms were not disclosed.
“We are pleased to have been able to assist in arranging the sale and capitalization for what will surely be a successful partnership between Prism and Crimson Capital,” said C&W’s Andy Merin, who led the brokerage team alongside David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Frank DiTommaso.
The lender, now known as Blue Foundry Bank, recently moved its headquarters to Parsippany. That left 25 Orient Way fully available at the time of the deal, C&W said, noting that the property includes rare on-site parking in a downtown location.
“The combination of walkability to mass-transit, abundant downtown amenities and on-site parking makes 25 Orient Way a highly desirable asset and we look forward to a successful reposition of the property,” said Eugene Diaz, a principal at Prism Capital Partners.